Top Penny Stocks to Buy Today with Huge Return Potential
Investing in penny stocks comes with a major risk. You can lose everything. But, at the same time, they offer massive return potential for under $5. With this in mind, the top penny stocks today could be tomorrow’s leaders.
For example, Monster Beverage (Nasdaq: MNST) started as a penny stock, returning over 100,000% in the past 20 years. In fact, Monster stock has led the stock market during this time.
At the same time, many penny stocks are worthless. They are bleeding money with no meaningful plans to generate a profit. That said, they are also highly volatile. In other words, they can have rapid price swings, making it hard to determine a fair price.
As the stock market enters a bear market, many stocks are down significantly from their highs. With this in mind, investors now have the chance to buy stocks trading below their actual values.
Keep reading and discover the best penny stocks today you can buy now with huge explosive return potential.
What Are the Top Penny Stocks Today?
Buying penny stocks is often compared to walking into a casino. And for a good reason. Most penny stocks are a gamble. But there are a few things you can look for to boost your chances of success.
For one thing, growing revenue is a place to start. But sales alone can be deceiving. Like many penny stocks today, a new company can have huge earnings growth as the company’s product hits the market.
If you want to dig a little deeper, look for things like:
- Strong Leadership
- Manageable Debt
- Product Market Fit
These can be the difference makers when it comes to earning a return or not. For that reason, here are the top penny stocks today.
No. 7 Evofem Biosciences (Nasdaq: EVFM)
- Industry: Healthcare
- Price Target Upside: +148%
Evofem focuses on addressing the unmet women’s sexual and reproductive health needs. For example, the firm’s first FDA-approved product Phexxi is a hormone-free birth control.
EVFM stock is trending after the recent supreme court decision. On top of this, EVFM shares are trending on social media as a potential short squeeze.
No. 6 Embark Technology (Nasdaq: EMBK)
- Industry: Self Driving Vehicles
- Price Target Upside: +1,872%
The pandemic challenged the trucking industry over the past few years. As demand for goods skyrocketed, the trucking companies dealt with poor conditions and higher costs. The industry’s biggest issue is a worker shortage between an aging workforce and high turnover.
Embark has a solution for this. The company offers a software that turns any fleet into self-driving. The SaaS allows trucks to drive thousands of miles while delivering freight to a transfer point. This exciting technology could drive the industry forward, making it one of the best penny stocks to buy now.
No. 5 FuelCell Energy (Nasdaq: FCEL)
- Industry: Clean Energy
- Price Target Upside: +17%
With consumer energy prices up over 34% from last year, the need for clean energy alternatives has never been higher. FuelCell is on a mission to decarbonize power through hydrogen fuel cells.
To explain, hydrogen is powerful for storing and producing renewable energy. FuelCell continues building momentum with new projects and partnerships. For example, this top penny stock is extending its collaboration with Exxon Mobile (NYSE: XOM) for carbon capture tech. Having a partnership with such a large corporation makes this a penny stock with huge potential.
No. 4 AppHarvest (Nasdaq: APPH)
- Industry: Agriculture
- Price Target Upside: +74%
AppHarvest is an agriculture tech company. Founded in 2018, the company has made enormous progress since. In fact, AppHarvest owns some of the largest high-tech indoor farms in the world. As a result, APPH estimates it can distribute products using up to 80% less fuel with a longer shelf life.
Furthermore, the company has a distribution deal with Mastronardi, the largest distributor of greenhouse-grown produce. With this in mind, the agreement lasts ten years and includes all fruits and vegetables grown by AppHarvest.
No. 3 Red Cat Holdings (Nasdaq: RCAT)
- Industry: Drones
- Price Target Upside: +277%
Red Cat is a unique penny stock that provides services to the drone industry. For example, Red Cat designs and develops drones and products focusing on wearable display devices.
Moreover, Red Cat is fully funded to execute its strategy, which makes it one of the top penny stocks today. The company has a significant market with commercial and civil uses like inspections, insurance claims, and emergencies. Not to mention the various military uses for drones.
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How to Invest in These Top Penny Stocks Today
The companies listed above all trade on the Nasdaq exchange. You can invest in these top penny stocks just like any other company. But there are a few things you should consider before buying.
For one thing, penny stocks, even the best ones, can be a major risk. You need to find a risk level you are comfortable with. For example, start with a small portion of your portfolio to minimize your chances of a blowout.
Furthermore, you will also need to decide how long you want to invest. Are you looking for a quick trade? Or are you looking for long-term growth? This will be a significant factor in your buying decision.
Lastly, analysts are forecasting a recession for the U.S. later this year. Even the best penny stocks today can see further downside if this is the case. Penny stocks are especially vulnerable during a downturn. Invest wisely and protect your portfolio with these stocks that do well in a recession.
